Pandemic Pet Boom Boosts Results for Animal Health Companies
- Elanco, Zoetis, Merck report strong first-quarter sales
- Youngers pet owners have increased expectations of care
Photographer: Antonio_Diaz/iStockphoto/Getty Images
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Animal health companies are getting a big boost this year thanks to young consumers spending more on their pets during the pandemic.
Elanco Animal Health Inc. and Zoetis Inc., two of the industry’s major players, both raised their earnings forecasts this week after reporting strong first-quarter results buoyed by pet care. Last week, the pharmaceutical giant Merck & Co. said sales of its companion-animal drugs increased by 26%.